Trading Edges That Last
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Lawrence's Comment Recap Y-0 support gave us the run to Y+2 as expected. 3 pushes up against Y+2 produced the drop back down to Y+1. Closed the week above Y-0 and below ...READ MOREFor more information about this report please refer to the Market Bias Informant pageREAD MOREFor more information about this report please refer to the Market Bias Informant pageREAD MOREReal-time Commentaries 2019-7-23AUDUSD Apr 25 to Apr 29 Outlook3DP Odds Table (YM) 2016-06-013DP Odds Table (DJIA) 2022-09-19Intraday Cycle Projection (DJIA) 2018-08-22Precog Vision – US Indices 2022-3-16Precog Vision – US Indices 2015-12-30Weekly Cycle Projection (YM) 2019-10-21Real-time Commentaries 2012-7-253DP Odds Table (DJIA) 2018-08-31
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Dow 30 Oct 27 to Oct 31 Outlook
Lawrence’s Comment
The magic of intervention took Dow back up to where the waterfall selloff started. Leaving behind 3 huge open gaps with the strongest single leg bounce on daily in the history of the US stock market after a 10% correction.
Outlook
Why Fed panic is the question we have to ask ourselves. The answer is that weaknesses often lead to more weaknesses. Normal selling can lead to panic selling. Monday is last day of Fed’s POMO and last 2 QE did not end well at all for the stock market. Hence the US stock market is not allowed to trade even near the bottom area of the correction.
The rising wedge on Dow points to a break down to the start of the wedge which can be either 16300 or 16000. Given the way PPT working so hard, I’ll say 16300 will have strong support.
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